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Increases In Costs And Returns Due To Intensifying Range Forage Production Surveys: An Information Economic Analysis

Author

Listed:
  • Rafsnider, Giles T.
  • Skold, Melvin D.
  • Driscoll, Richard S.

Abstract

The U.S. Congress and courts have directed federal natural resource agencies to use better information for management decisions than they have used in the past. It is also important for these agencies to improve the efficiency of resource use where possible. This information economics study estimates increased costs and revenues which can be directly imputed to improving the accuracy of range forage production surveys. It suggests that a high level of survey accuracy may often be justifiable.

Suggested Citation

  • Rafsnider, Giles T. & Skold, Melvin D. & Driscoll, Richard S., 1983. "Increases In Costs And Returns Due To Intensifying Range Forage Production Surveys: An Information Economic Analysis," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 8(1), pages 1-10, July.
    • Handle: RePEc:ags:wjagec:32489
    DOI: 10.22004/ag.econ.32489
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    References listed on IDEAS

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    1. J. Bruce Bullock, 1976. "Social Costs Caused by Errors in Agricultural Production Forecasts," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 58(1), pages 76-80.
    2. Hirshleifer, Jack, 1971. "The Private and Social Value of Information and the Reward to Inventive Activity," American Economic Review, American Economic Association, vol. 61(4), pages 561-574, September.
    3. Joseph Havlicek & James A. Seagraves, 1962. "The "Cost of the Wrong Decision" as a Guide in Production Research," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 44(1), pages 157-168.
    4. J. R. Anderson & John L. Dillon, 1968. "Economic Considerations in Response Research," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 50(1), pages 130-142.
    5. Hayami, Yujiro & Peterson, Willis, 1972. "Social Returns to Public Information Services: Statistical Reporting of U. S. Farm Commodities," American Economic Review, American Economic Association, vol. 62(1), pages 119-130, March.
    6. David F. Bradford & Harry H. Kelejian, 1978. "The Value of Information for Crop Forecasting with Bayesian Speculators: Theory and Empirical Results," Bell Journal of Economics, The RAND Corporation, vol. 9(1), pages 123-144, Spring.
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